"He was a man down on his luck and robbed the bank and didn't do much better with the money he stole," police commander says.

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A man was arrested for allegedly robbing a bank then spending the cash on lotto tickets.

Updated at 9:49 AM EDT on Wednesday, Feb 29, 2012

A Florida man allegedly robbed a bank then squandered the loot on losing lottery tickets, according to a report.

Ronald Paul Silva, 60, of Orange City, was charged with armed robbery, displaying a weapon during a felony and theft, The Daytona Beach News-Journal reported.

Silva allegedly robbed the Tustco Bank on Friday with a pellet gun. He emerged with a stack of $5 bills worth $130 after the teller said she did not have a lot of money, police said.

Police arrested Silva the following day, but not before he allegedly blew the cash on lottery tickets at a local gas station.

"He was a man down on his luck and robbed the bank and didn't do much better with the money he stole," Orange City Police Cmdr. Jason Sampsell told the News-Journal. "He went to a Kangaroo store down the street and lost the money on lottery tickets and earned a trip to jail."